Sanctioned Law to Secure Loans to Microentrepreneurs

The National Program of Oriented Productive Microcredit should grant small loans to low-income entrepreneurs. This is provided for in Legal 136636/2018, sanctioned by a veto and published in the Official Gazette.

The norm originates in the Draft Law of Conversion (PLV) 1/2018, resulting from Provisional Measure (MP) 802/2017. The text was approved in the Senate on the 28th.

The program, established in 2005 during the first term of former president Luiz Inacio Lula da Silva, aims to encourage the generation of work and income among popular microentrepreneurs. Among the main changes with the new law is the increase, from R $ 120 thousand to R $ 200 thousand, of the income limit or gross annual revenue for the framing of individuals and legal entities.

The MP revoked articles of Law 11.110 / 2005, which created the program, incorporating part of them. According to the government, the intention is to streamline the loan and increase the universe of beneficiaries, so the readjustment of the maximum value, frozen since 2008.

Interest rate

The President of the Republic, Michel Temer, vetoed the section that fixed the effective interest rates in microcredit operations with FAT resources at 2% per month and prohibited the collection of any other expenses, except for the Credit Opening Rate) of 3% on the value of the loan.

In the reason for the veto, Temer explained that the definition by law of the interest rate or other rate applicable to credit operations makes it difficult to adjust for changes in monetary policy, which may hinder credit supply and policy objectives. microcredit.